To better understand why we adjust BBB ratings, please see our Rating Criteria. Essentially, they steal from the customer. Note: We have adjusted this companys BBB rating according to our own standards. Los Angeles Debt Collection - Credit Consulting Services When you choose us, youre not just getting back your assets. Read more below to learn why we chose these options. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. Copyright 2020 eMerchant Authority | Website by JM Marketing. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more In some cases, this leads to merchants contracting with debt collection agencies. They are charging me a huge fee to cancel. Get the truth here. As a debt collection agency is a high risk merchant due to the increased chances of fraud or chargebacks, Merchant Processing Advisors can find merchant . There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Not much, but still more than disclosed. * The terms and conditions of this promotion currently cannot be found on the website. Learn more about our monetization policies here. Higher cost than explained in solicitations They have fees for everything when you cancel or have to end your contract early. BE AWARE!!! As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). they charged me $450 every month out of total 10k annual monthly. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. The companys rating is also impacted by its higher-than-average complaint total with the BBB. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers.. There are zero termination penalties or contract fees for agencies using Host Merchant Services, and disclosures of processing rates and account fees online provide a welcome amount of pricing transparency. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Search the Legal Library instead. They have been lying to me since day 1 of signing up with them. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). This company is nothing but a fraud. The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. Customer service is horrible. 651-398-1636. He has a BA in Creative Writing and a Minor in German from Goucher College. eMerchantBroker.com. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. Debt Collection FAQs | Consumer Advice DO NOT EVEN talk to their salespeople. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. Seriously they will destroy your business. Merchant Cash Advance in Collections: What to Do Save yourself stress and aggravation and sign up with a different processor. We can help your collection agency even if you've you been turned down by service providers in the past. Only. Lets start with the salesman Daniel A. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. FTC Staff. Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. Click here for more product information. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. not explained. Both were resolved to the dissatisfaction of the merchant or received no final response. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. The following is a sample list of complaints filed against United Merchant . Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. From The Editor This company was nothing but deceitful from the beginning. All feedback, positive or negative, helps us to improve the way we help small businesses. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Trouble Getting Approved? Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. If you have not been clear about your business with the merchant account provider that you are working with, or your chargeback rate is high, then they. It took me 2 weeks of calling NON-STOP to get any response. Noah is a writer and content creator currently living in Fairfax, VA. Youll get your merchant account for your collection agency in as little as 24 48 hours. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Verify before you sign with this company. You can get your approval in as little as 24 hours. The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided. We have focused on merchant cash advances over two decades. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. We have located one complaint online claiming that TMS is a reseller of Global Payments contracts, but we were unable to verify this claim as of this update. Home; Services Healthcare Services; Consumer Business Collections . The Merchant Solutions is definitely THE worst credit card company EVER!!!! Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. Dont sign up or you will regret it at the end. Lots of hidden fees that other companies dont charge! The overall household debt for an average family increased by 11% during the last 10 years. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. Pam called me offering a competitive rate for credit card processing. You may be charged fees for using this account. Every review above has happened to me too exactly like the above. Just ridiculous! this will happen if you change to another company. They charge you all kinds of fees which your not told about. They are thieves because they stole money from my account and wont make it right with me. Your business cannot opt for a standard merchant account here. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. I was skeptical and decided not to switch to merchant solutions. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. The competition is real with so many POS servicing company. Additional rates and fees, including a technical support fee may apply. Debt Collection Agency Merchant Services, Collection Agency Credit Card This was not in our contract, but I couldnt get the money back without suing them. Get clarity before you switch. Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. Which Collection Agencies Will Accept a Pay For Delete Agreement? Credit Card Processing for Debt Collection Businesses This post will help: Cancelling a Merchant Account Without Paying a Fee. For me customer support is key and Austin is definitely an asset to this company. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? Home - Merchant Solutions LLC I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! If your company does not show any indication that you conform to this act, then your application will be outright rejected. Its website can be hard to use as well. Merchants Credit Association, is a debt collection company. STAY AWAY. Which Business Bank Account is Right For You? When I set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. Avoid this outfit as they will make your life miserable. Many may find PaymentClouds organization of products on its website to be less than navigable. This means that you can always stay on top of any transactions that you are making. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. Annual PCI Fee $99.00 Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. You really leave your business account open to these guys with free access to do as they like. Its just a penalty fee that they add on you for leaving their company. Square is a top choice for POS for any type of business. Provider of affordable payment processing hardware that can streamline various debt collection operations. No mention of 3 year contract and no proof of it. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. Maintaining these ratios is challenging for merchants in many industries. Over the years, we have built up connections with banks all over the world. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. As of right now, I have this company for falsifying documents, and felony forgery. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. Suite 209 John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. Telephone: (818) 409-6000. Calls from United Merchant Asset Recovery? - Consumer Law Firm Center They Are Not truthful about their service. High-risk specialist with anti-fraud and anti-chargeback protections. PaymentCloud can help almost any business get approved for payment processing. When he isn't writing about IT solutions and innovations that help his clients, he's probably sitting behind a drumkit or adding new hardware to his computer. They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. And because I signed the document, the company is telling me, that I am liable for the contract. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. Required fields are marked *. These revenues in no way influence our ratings or reviews. At this point, I am looking for a new processor . Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Do not believe anything they say about their service. As a small business owner I was looking for a way to expand my business by being able to accept credit cards, so I may be able to open my door to new clientele. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. This means that you cannot work with companies like PayPal or Square. On November 30, 2021, the Debt Collection Rule became effective. Pure scam artists just looking to steal your hard earned money. We spoke with ANAIS today and were helped with understanding the rates. Seattle Collection Agency | Merchants Credit Association The second your merchant account closes down is the second that you are no longer able to accept payments for your company. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. They need to see how strong your profits are. I am still waiting on on calls from their supervisors from last year. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . Signature not by me, computer generated. Merchant Cash Advance Debt Collection Services | Monetaria Federal government websites often end in .gov or .mil. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. $35.00 Our services are secure and reliable. 844-66-CFGMS (844-662-3467) high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). Fortunately, there are providers willing and able to help. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. We occasionally send out emails with special offers. RUN! This does not compare favorably to our list of best credit card processors. Horrible company. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. I have never had any other merchant?! Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Forgotten Password? Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Location & Ownership Copyright 2023 eMerchantBroker, LLC. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. 1008 Mattlind Way. I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Some merchant account providers may offer high fees. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. We have lowered the companys score in this section to a C to reflect this consistency. See Which Processors Offer No Monthly Fees And No Contracts. These are charged beyond any percent fees. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. per month so-called PCI-DSS Validation Fee , a $19 per month so-called Data Breach Security Program fee, plus kilobyte fees: fixed network CP Fee etc I immediately packed up their credit card machine and shipped it back to them with a written demand to close my account immediately. This company needs to be put out of business. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. 53 of these reviews are positive, while the remaining 5 reviews are negative. Were never worried about our overdue receivables. said no business ever. They said they would beat my current rate but never could. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity.